BT, Verizon Strike $625m Deal to Merge Global Units

BT Group and Verizon Communications agreed to merge their international enterprise units into a new joint venture company.

Verizon will pay $625 million to BT to secure its 50 percent stake in the new entity, which will handle about $4 billion in annual revenue.

The venture aims to serve over 3,000 corporate and government clients across approximately 180 countries.

Verizon projected a second-quarter loss of up to $800 million as it financially restructures to close the deal.